AIB We have won the Prevailing Rate issue

Congratulations - I know how you all feel.

And its not just the refund - it's the ongoing new reduced payments

Rumor has it that O'Briens Off Licence are expecting a run on champagne today
 
Wow! This is fantastic news. Thanks Brendan for all your hard work. I thought we were fighting a losing battle.
 
Thank you so much Brendan for all your guidance and help with this over the years. I never thought I'd see this day come!
 
Thanks Brendan for all your hard work on this.

is it likely that after any redress that this group will be offered a return to a tracker rate?
 
Hi Brendan, my appeal was rejected but I haven't submitted a complaint to the ombudsman just rejected the decision. Do I still need to send in the complaint?
 
Brendan, you are a Rock Star! We are all so grateful for your guidance through this harrowing ordeal. Thank you so much! I hope you understand how much the dedication you have shown, will help to financially change so many people's lives.

Our 6 month time limit for appeal is about to end, but we were hanging on until the last minute for the Ombudsman's decision. To be on the safe side, should we still submit our final appeal, or is this now moot? I'd imagine that AIB will have to offer it to all affected customers, but as we know, we can't depend on them to do the right thing, and I'd hate to miss out on a technicality.
 
The AIB board has set 300m aside which has affected its share price today, they would have had time to appeal the FSPO decision if they wished but have put aside this money for a reason:)
 
Well done Brendan - undoubtedly the right result:

Key Post - How should the "prevailing rate" be determined, when trackers were no longer offered?

Note. I have copied this from another thread where AIB offered to restore a tracker at 3.67%. ptsb is restoring trackers at various rates up to 3.25%. I think that Sarenco argues the case very well here. I don't know the basis of the Padraic Kissane's High Court challenge on the issue...
www.askaboutmoney.com

Unsurprisingly, this news is having an adverse impact on AIB's share price, which should be of concern to all of us given that we (as taxpayers) still own 71% of the bank.

Bloomberg - Are you a robot?

www.bloomberg.com
 
Wow! After all those letters!
Would never had happen without Brendans tireless advise and pressure - thank you so much.
Won’t really believe it til I see it!
 
Brendan

Assume this will mean:-

1) restore tracker rate from when fixed rate expired
2) compensate for the overcharging
3) refund excess interest paid - with interest on that excess

agree?

we are now in decision phase with the ombudsman on this I’m assuming they will arrive at same conclusion for us. I estimate we are owed over €40k in overcharged interest alone. Add compensation and interest on the over charge and it could double. AIB hit us with successive SVR inverses from April ‘09. The overcharge is huge.

rolled off the fixed rate in April 2009. General Condition 3.2 ignored by AIB.

Great job you are a true consumer champion.

ADO
 
That’s Incredibly great news.

@brendan - huge thanks to you . You did a fantastic job in all of this.
 
Adobe1 said:
Assume this will mean:-

1) restore tracker rate from when fixed rate expired
2) compensate for the overcharging
3) refund excess interest paid - with interest on that excess

agree?
Click to expand...

Hi Adobe

The decision was a preliminary one. I am not allowed discuss the details until the Ombudsman publishes it.

The only information in the public domain is what AIB put out there today.

So I cannot confirm what you have said.

Brendan
 
Hi, does anyone know whether this would also apply to other banks e.g. EBS? We were denied a tracker from them when our fixed rate expired in 2008. Been on an expensive SVR ever since .. :(
 
Brendan Burgess said:
Statement released by AIB this morning.

AIB GROUP PLC – TRACKER MORTGAGE PROVISION UPDATE

AIB Group plc (“AIB”)advises that following a preliminary decision issued by the Financial Services and
Pensions Ombudsman, the Board understands that redress may be due to a previously identified group of
customers who had an option of a prevailing tracker rate.

The Board recognises that there is a range of possible outcomes and has created a provision of €300 million
which will be taken in full year 2019 financial results.

The Board also recognises it is in the interests of the
Group, our customers and our other stakeholders to bring this matter to a resolution and discussions are
ongoing with the Central Bank of Ireland with regard to potential appropriate treatment of this group of
customers.


-ENDS-
4 FEBRUARY 2020
Click to expand...
 
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